Russell Investment Group has picked up a significant new investment mandate with its appointment by major Queensland superannuation fund, Sunsuper, as part of a general restructure.
As well as appointing Russell, Sunsuper expanded its internal investment team to include the appointment of former CSS/PSS portfolio manager Bev Durston as Deputy Chief Investment Officer, reporting to Chief Investment Officer Jack Gray.
In addition, former Mercer investment analyst Josh Bloom also joins the team as a Strategist/Analyst.
Russell announced the mandate today describing it as underlining its vision to be “the consultant of choice” for large sophisticated investors.
Under the arrangement, Russell will be primarily responsible for advice on ‘core’ assets including international equities, domestic equities, international fixed interest, domestic fixed interest, property and cash.
However, specialist consultant Sovereign Research will remain as adviser on alternative assets, with Sovereign Consultant Ray King also continuing to play a high-level investment advisory role.
Sunsuper’s Chief Investment Officer, Jack Gray says the enhanced investment operations recognised the increasing complexity of investments as the fund expanded its assets, member base and emerging corporate business
“We believe that to manage an outsourcing program you need a level of internal staff who can challenge, provoke and lead their consultants,” Gray says. “This new structure aims to achieve a balance between internal and external expertise, which will allow Sunsuper to capture the best talent and information the investing world has to offer, but also be in a position to manage competing views and to act decisively.”
According to Russell’s Director of Consulting, David Hartley, the deal signals a strong 12 months for Russell because it follows on from its appointment last year by the Westpac Staff Fund and its reappointment by the NSW Local Government Scheme.
